Tips for Setting Up a Successful Investment Property
Thank you to Christopher Haymon for this blog post! For more information, visit https://www.adultingdigest.com/ Also visit this blog by Christopher Haymon wrote for Reel Property Solutions: http://www.reelpropertysolutionsllc.com/vacation-rental-income-could-become-your-nest-egg/ This is another way to have an investment property!
Tips for Setting Up a Successful Investment Property
If you have some extra cash and you’re trying to figure out where to put it, you might consider getting an investment property. The rental market is strong, giving you many opportunities to rent out a house or apartment, from short-term vacation rentals to long-term residential contracts. While an investment property can be a great source of income, it requires time and effort to set up. This guide takes you through the process.
Select your property location and type wisely
There’s no point investing in a property if nobody is going to want to rent it. Do your due diligence to see where to buy property and look for in-demand areas. When selecting a property, also consider who you want to rent to. A family will have different demands than a single professional, for instance. For help finding the perfect place, schedule a call with Reel Property Solutions to find valuable advice and strategies on purchasing an investment property.
Prepare for the practicalities of property buying
Buying a house or apartment requires planning. You need to view properties, have them professionally evaluated, negotiate closing costs, and complete the paperwork to get a mortgage. Even if you have a nice nest egg tucked away, odds are you’ll have to take out a loan to fund your real estate purchase. Do your research to understand how mortgages work. Then, compare lenders according to details like terms and interest rates.
Make upgrades to boost your property’s marketability
Even if you get a great property, odds are it won’t be rental-ready right away. You can add value to the place by making some upgrades, which will allow you to command a higher rental price. First, deal with essential structural issues that impact livability, like roof damage. Then add value with perks like double-glazed windows, new appliances, and a well-landscaped garden. Again, consider your target audience when making renovations.
Market your property on social media
Once the property is ready to rent, it’s time to start marketing it. Begin by taking great real estate photos. You can showcase them to potential renters on Instagram and other social media platforms. Use a free online Instagram story template to create stunning posts. Once you’ve chosen a template, you can upload your photos and choose a font and color palette that works for you.
Start searching for good tenants
As a landlord, you want tenants who are clean and quiet and pay the rent on time. This applies whether you’re dealing with a vacation or a long-term rental. However, finding these kinds of tenants isn’t always easy. The Telegraph provides tips for vetting prospective tenants, like asking for a guarantor if needed. You can also enlist the services of an agent to take care of this tedious recruiting process for you.
Decide who will manage the property’s day-to-day affairs
Running a rental property is work. You have to find and vet tenants, take care of repairs, and address emergency situations, like a burst pipe. Decide in advance whether you want to handle it all yourself or assign someone else to the job. A property management company can take the burden off your shoulders. While you’ll have to pay them a fee, this allows you to transform your real estate investment into an actual passive income source.
If you want to invest in property, be prepared to put some work into the process. You won’t get your business set up overnight. However, if you choose the right location, make tenant-friendly upgrades, market your property on social media, and work with a property manager, you should be able to set up a lasting investment property business.
Want to learn more about making smart and profitable real estate investments? Visit Reel Property Solutions! Another route is Reel Property Solutions is brokered by eXp Realty since Rochelle is a licensed real estate agent. Whether you want to buy or sell an investment property or you are a retail buyer, Reel Property Solutions is here for you!
Featured image credit of https://www.pexels.com/photo/blue-house-on-green-lawn-5008399/